2008 - JAMB Accounting Past Questions and Answers - page 3
21
Which of the following is a credit item in creditors ledger control account?
A
Purchases returns
B
Bills payable
C
Purchases
D
Cash receipts
correct option: c
Users' Answers & Comments22
Discount allowed as represented in the control account appears on the?
A
credit side of the purchases control account
B
debit side of the purchases control account
C
credit side of the sales control account
D
debit side of the sales control account
correct option: c
Users' Answers & Comments23
Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?
A
N20 600
B
N15 200
C
N13 800
D
N11 600
correct option: b
Users' Answers & Comments24
Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?
A
N19 000
B
N16 000
C
N12 600
D
N10 600
correct option: d
Users' Answers & Comments25
The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
A
N8 000
B
N10 000
C
N12 000
D
N18 000
correct option: a
Users' Answers & Comments26
Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?
A
N173 000
B
N170 000
C
N160 000
D
N156 000
correct option: d
Users' Answers & Comments27
Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
Calculate the prime cost?
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
Calculate the prime cost?
A
N597000
B
N579000
C
N576000
D
N5967000
correct option: b
Users' Answers & Comments28
Receipt and payment account discloses?
A
debtors
B
creditors
C
prepayment
D
depreciation
correct option: c
Users' Answers & Comments29
Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
A
N3500
B
N7000
C
N9500
D
N13 500
correct option: c
Users' Answers & Comments30
The main reason for adopting a departmental account is to?
A
record transactions for each department for betterdocumentation
B
tackle any recording problem as a result of expansion
C
continuously evaluate the profitability of different departments
D
ensure that departmental mangers are adequately monitored
correct option: c
Users' Answers & Comments